Leases

9 Months Ended

Oct. 31, 2023

We have entered into operating lease agreements for our office space, data centers, and other property and equipment. Operating lease right-of-use assets were $266 million and $249 million as of October 31, 2023, and January 31, 2023, respectively, and operating lease liabilities were $297 million and $273 million as of October 31, 2023, and January 31, 2023, respectively. We have also entered into finance lease agreements for other property and equipment. As of October 31, 2023, and January 31, 2023, finance leases were not material.

The components of operating lease expense were as follows (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022
Operating lease cost	$	26,925	$	25,404	$	82,005	$	73,821
Short-term lease cost	737		854		2,379		3,001
Variable lease cost	11,871		12,787		33,869		32,970
Total operating lease cost	$	39,533	$	39,045	$	118,253	$	109,792

Supplemental cash flow information related to our operating leases was as follows (in thousands):


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2022		2023		2022
Cash paid for operating lease liabilities	$	25,197	$	23,190	$	79,006	$	68,386
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	30,073		6,611		93,828		93,091

Other information related to our operating leases was as follows:


	October 31, 2023		January 31, 2023
Weighted average remaining lease term (in years)	5		5
Weighted average discount rate	3.55	%	2.79	%

As of October 31, 2023, maturities of operating lease liabilities were as follows (in thousands):


Fiscal Period:
Remainder of 2024	$	28,398
2025	100,927
2026	69,886
2027	50,292
2028	36,115
Thereafter	46,296
Total lease payments	331,914
Less imputed interest	(34,746)
Total operating lease liabilities	$	297,168

As of October 31, 2023, we have additional operating leases for data centers and office space that had not yet commenced with total undiscounted lease payments of $71 million. These operating leases will commence between fiscal 2024 and fiscal 2026, with lease terms ranging from approximately three to six years.